Cattle futures closed lower Tuesday, basically giving back what was gained the previous session as Corn futures gained and cash fed cattle prices for the week remained unestablished.
Feeder Cattle futures closed an average of $1.42 lower (77¢ lower at the back to $2.30 lower in spot Aug).
Live Cattle futures an average of 44¢ lower, except for 5¢ higher in waning spot Jun.
Negotiated cash fed cattle trade ranged from mostly inactive on light demand to a standstill through Tuesday afternoon, according to the Agricultural Marketing Service.
Last week, live prices were $137-$138/cwt. in the Southern Plains, $145-$148 in the Northern Plains and $145-$150 in the western Corn Belt. Dressed prices were $234-$240.
Choice Boxed beef cutout value was $1.54 lower Tuesday afternoon at $267.14/cwt. Select was $1.93 lower at $243.31.
Corn and Soybean futures closed higher on lower week-to-week crop ratings.
Corn futures closed mostly 5¢ to 8¢ higher through new-crop contracts and then mostly fractionally higher to 1¢ lower.
Soybean futures closed mostly 25¢ to 29¢ higher.
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Major U.S. financial indices closed sharply lower Tuesday amid another volatile day of wide swings up and then down. Perhaps some profit taking and early positioning ahead of the quarter’s end played a role.
The Dow Jones Industrial Average closed 491 points lower. The S&P 500 closed 78 points lower. The NASDAQ was down 343 points.
West Texas Intermediate Crude Oil futures on the CME closed another $2.19 to $2.75 higher through the front six contracts.
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Amid inflation and rising costs, consumers are eating more dinners at home as a way to cut expenses, according to the NPD Group (NPD).
Although dinners at home peaked during the pandemic, out of necessity — and have normalized — they are expected to remain above pre-pandemic levels through 2024, according to NPD’s Future of Dinner report.
As consumers resume their busy lifestyles, however, the report suggests they will look for more convenience — little or no prep and fast dinner fixes, like frozen meals and ready-to-eat snacks, especially during the work week, will grow through 2024, according to the report. NPD analysts say consumers will also increasingly turn to retail on-the-go meals like ready-to-eat entrees from the grocery store to help with meal prep.
Also, according to the report:
- Retail ready-to-eat foods are forecast to grow by double-digits through 2024.
- Restaurant meals eaten at home are also forecast to grow.
- Blended meals — pairing foods prepared and purchased away from home with dishes prepared at home — will continue through the near future.
- Foods that require more effort and time will face headwinds through 2024.
“More dinner meals at home are here to stay. The shifting population life stages and economic situation will create greater reliance on dinner at home,” says Darren Seifer, NPD food and beverage industry analyst. “Consumers across all ages will look for breaks from routine, like making the same dishes out of habit. Food manufacturers and retailers can help consumers with dinner prep fatigue with convenient new foods and dishes that fit various cooking skill sets and needs. Value will also be top-of-mind with consumers during this time of high inflation.”